PSX Pulls Back After Historic Surge as Investors Lock in Gains

The Pakistan Stock Exchange (PSX) slipped into negative territory on Thursday as profit-taking emerged after the index hit an all-time high earlier in the session. Investors balanced optimism from remittance inflows and budget continuity against the need to lock in recent gains.

The KSE-100 Index closed at 124,093.12, down 259.56 points (-0.21%) from the previous close. During the session, the index climbed to an intraday high of 126,718.28, gaining 2,365.6 points (1.9%), before retreating. The day’s low was 123,846.55, reflecting a fall of 506.13 points (-0.41%).

Market analysts attributed the rally to budget expectations and finance minister’s remarks on rate cuts, fueling investor confidence. Remittances surged to $3.7 billion in May, marking the second-highest monthly inflow on record, boosting sentiment.

Meanwhile, in the Market Treasury Bills auction, the government raised Rs853 billion, slightly below the Rs900 billion target, with cut-off yields declining across all tenors.